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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Massive financial fraud at Lanka Hospital

Massive financial fraud at Lanka Hospital

+4
Jana
Gainer
Maran
Teller
8 posters

Go down  Message [Page 1 of 1]

1Massive financial fraud at Lanka Hospital Empty Massive financial fraud at Lanka Hospital Sun May 17, 2015 12:27 am

Teller

Teller
Moderator
Moderator

Colombo businessman grilled on
The Police Financial Crimes Investigations Division has launched an investigation into a large-scale financial fraud said to have taken place at Lanka Hospitals.

Police Media Spokesperson ASP Ruwan Gunasekara said that a renowned Colombo based businessman was questioned on Thursday in connection to this fraud.

The Financial Crimes investigations division summoned a well renowned businessman based in Colombo, on Thursday. Police Media Spokesperson ASP Ruwan Gunasekara said that the businessman who arrived at the FCID at around 09:00 am was questioned for around six hours.

According to the Police, a large-scale financial fraud had taken place when the shares of Lanka Hospital was sold to an Indian Company. This businessman who was questioned by the FCID on Thursday was widely criticized for manipulating the Colombo Stock Exchange during the recent past.

This businessman is accused of stealing public funds by manipulating the Colombo stock market through pump and dump, a form of micro cap stock fraud that involves artificially inflating the price of an owned stock through false and misleading statements. Newsfirst

Teller

Teller
Moderator
Moderator

Know the people know,who the he is...

Maran


Senior Equity Analytic
Senior Equity Analytic

That time Mr. Gotabaya Rajapaksa - Chairman of THE LANKA HOSPITALS CORPORATION

Gainer

Gainer
Associate Director - Equity Analytics
Associate Director - Equity Analytics

Criminal charges against Gota
*MiG deal
* Avant Garde
*Lanka Hospitals Limited
*Lanka Logistics and Technologies Ltd.
Criminal charges are to be filed against former Defence Secretary, Gotabhaya Rajapaksa, for flouting government tender procedure and for the purchase of four MiG 27 Flogger D fighter-bomber aircraft in 2006 at a staggering US$ 14,676,000, for failure of duty and causing loss to the State, in his capacity as the Chief Accounting Officer of the Ministry of Defence.

The agreement was entered into, without a performance bond and the vital End User Certificate are the main charges, after a Technical Evaluation Committee ruled against the purchase in 2000.

Top sources said, the former Defence Secretary was questioned on the rationale behind the purchase, overturning a previous decision in a manner detrimental to Sri Lanka, the buyer.

The contract contained a stipulation that the End User Certificate be issued to a third party, Belimissa Holdings, a London-based company not registered with the British Ministry of Defence. Belimissa was authorized to collect the payments on behalf of the seller, Ukrinmash, a subsidiary of a Ukrainian State company named, UKRSPETSEXPORT of Ukraine. "The former Defence Secretary is the officer responsible for the purchasing of life-expired aircraft in violation of procurement procedures and the failure to forecast financial loss to Sri Lanka, through that purchase," a top source said.

A team of sleuths visited Ukraine last week to conduct offshore investigations, with the assistance of the Ukraine authorities and are currently following the money trail, authoritative sources added.

Meanwhile, Investigations into the Avant Garde floating armoury matter has led to the initial conclusion that the defence establishment headed by then Defence Secretary Rajapaksa could be charged on two counts; illegal storing and trading of arms and money laundering.

The third investigation nearing completion, according to top sources, is the alleged share manipulation at Lanka Hospitals Limited, initiated by the Special Presidential Commission to investigate Large Scale Corruption and Fraud by a consultant surgeon. The said complaint had alleged that Rs.600 million was paid as a commission to two top guns during the Rajapaksa administration, under the directive of Chairman of the Lanka Hospital, Gotabhaya Rajapaksa.

The complaint alleged that a share manipulation took place in 2011 and within three days, Lanka Hospitals share price shot up from Rs.42 to Rs.84, and charges included serious violation of government financial procedure. Based on a complaint by a Defence Ministry official, a probe has been initiated into the alleged corruption within Lanka Logistics and Technologies Ltd, on the procurement of arms and ammunition, in in violation of national procurement guidelines.

"The initial inquiry has shown that several low quality purchases have been made at a higher price. Multiple cases are to be filed against, based on the strength of the investigations conducted, including the purchase of 32 mm rockets for Dvora seacrafts, from a British company at £ 32 million, overlooking a lower offer made by an Israel company at US$ 18.2 million.

Gotabhaya Rajapaksa last week obtained an interim order, after the Supreme Court granted Leave to Proceed on a fundamental rights petition, preventing his imminent arrest.
http://www.sundayobserver.lk/2015/05/17/sec01.asp

Jana

Jana
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Teller wrote:Know the people know,who the he is...
 I think Gainer got it ...

Gainer

Gainer
Associate Director - Equity Analytics
Associate Director - Equity Analytics

http://www.cse.lk/cmt/uploadAnnounceFiles/6691299230864_516.pdf

http://www.cse.lk/cmt/uploadAnnounceFiles/2081300339592_516.pdf

http://www.cse.lk/cmt/uploadAnnounceFiles/8191299233616_516.pdf

LHCL 64.1 million shares sold at 62.00

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

It is surprising to hear that many opposition members of parliament, senior figures, monks, representative from local authorities are screaming in favor of such scoundrels & voicing the investigation process to be halted.

Only a part of population is well aware of the gravity & onerousness of mega thefts carried out by well protected mafia in every segment of Sri Lankan economy. Voter base in suburbs should be simply explained & educated of such malpractices & how the living standards of commoners are suppressed by scraping the national wealth available for equal distribution.

piyalpy


Manager - Equity Analytics
Manager - Equity Analytics

I believe that ‘worthiness’ does not actually possess it. J
MIG deal is a very famous issue and in the relevant court case Sunday Leader openly apologized to Gota.
What is the problem here?
Say first quotation you get 1000$
Second quotation you get 3000$
And the government purchases items for the second quotations. What a corruption it is?
This kind of logic good for vision-less, aimless yahapalana puppies.

Simple reason for this price difference is 1st one before overhaul and the second one after it. Simply, second quotation for new MIGs.

9Massive financial fraud at Lanka Hospital Empty Lanka hospital Mon May 18, 2015 11:19 am

Recicash

Recicash
Manager - Equity Analytics
Manager - Equity Analytics

You think these people will punished???

Dhehan

Dhehan
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

piyalpy wrote:I believe that ‘worthiness’ does not actually possess it. J
MIG deal is a very famous issue and in the relevant court case Sunday Leader openly apologized to Gota.
What is the problem here?
Say first quotation you get 1000$
Second quotation you get 3000$
And the government purchases items for the second quotations. What a corruption it is?
This kind of logic good for vision-less, aimless yahapalana puppies.

Simple reason for this price difference is 1st one before overhaul and the second one after it. Simply, second quotation for new MIGs.

Rajapakshala Horu nemai.........LOL

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